Annual Return of Service Tax In which Rules amendments are made for filing Annual Return of Service Tax ? As per the Service Tax (Amendment) Rules, 2016. What is the Date of applicability of Rules for filing Annual Return of Service Tax ? These rules shall come into force on the 1st day of April, 2016. What… Read More »

Seeks to amend notification No. 30/2012-Service Tax dated 20th June, 2012, so as to prescribe, the extent of service tax payable by the service provider and any other person liable for paying service tax other than the service provider Notification 18/2016-Service Tax dt. 01-03-2016

Seeks to bring into effect provisions of clause (h) of section 107 of the Finance Act, 2015 Notification No 15/2016-Service Tax dt. 01-03-2016 Note : the definition of “support service” [section 65B (49)] is also to be omitted from date to be notified [section 107(h) of Finance Act, 2015]. As and when this amendment is given… Read More »

Notification No 13/2016-Service Tax dt. 01-03-2016 Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due -Rate of simple interest- 24% Other than in situations covered under serial number 1 above. : Rate of… Read More »

Seeks to prescribe interest rate under section 75 of the Finance Act, 1994 Notification No 13/2016-Service Tax dt. 01-03-2016 Collection of any amount as service tax but failing to pay the amount so collected to the credit of the Central Government on or before the date on which such payment becomes due -Rate of simple interest-… Read More »

Seeks to amend notification No. 32/2012-Service Tax dated 20th June, 2012, so as to exempt services provided by the bio-incubators approved by the Biotechnology Industry Research Assistance Council, under Department of Biotechnology, Government of India Notification No 12/2016-Service Tax dt. 01-03-2016

Seeks to amend notification No. 26/2012-Service Tax, dated 20th June 2012, so as to make necessary amendments in the specified entries prescribing taxable portion and the conditions for availing the exemption therein [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

Indian Army Invites Application from MBBS Candidates for Short Service Commission in Armed Forces Medical Services The Indian Army has invited applications from Indian citizens, both males and females, who have passed their final MBBS (Part-I&II) examination in first or second attempt and completed/completing internship for grant of Short Service Commission in the Armed Forces… Read More »

Plan – Non Plan Classification To Be Done Away from Fiscal 2017-18 The Plan and Non-Plan classification will be done away with from fiscal 2017-18. This was stated by the Union Finance Minister Shri Arun Jaitley while presenting the General Budget 2016-17 in Lok Sabha today.Shri Jaitley said that successive committees have questioned the merit… Read More »

Fiscal Deficit Retained at 3.9 percent in RE 2015-16 and at 3.5 percent in BE 2016-17 Adhering to the fiscal targets, the fiscal deficit in RE 2015-16 and BE 2016-17 have been retained at 3.9% and 3.5% of GDP respectively. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri… Read More »

Important Announcements made by Union Finance Minister Shri Arun Jaitley in his Budget speech 2016-17 Big Focus on Agriculture and Farmer’ Welfare (i) Farmer’s income to be doubled by 2022. (ii) 28.5 lakh hectares will be brought under irrigation under Pradhan Mantri Krishi Sinchai… Read More »

FM: GDP Accelerates to 7.6%; Budget 2016-17 Built on Agenda ‘Transform India’ While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. This was possible notwithstanding the contraction of global exports by… Read More »

FM: Tax Proposals are aimed at Boosting Economic Growth and Employment Generation The Union Finance Minister Shri Arun Jaitley announcing the tax proposals in the Union Budget today said boosting employment generation through economic growth is a main objective behind these proposals. Other objectives, he said, would be for incentivizing ‘Make in India’, to promote… Read More »

Initiatives to Ensure Targetted Disbursement of Government Subsidies and Financial Assistance to Actual Beneficiaries Three specific initiatives have been proposed to achieve the objective of targeted disbursement of Government subsidies and financial assistance to the actual beneficiaries. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said… Read More »

1500 Multi Skill Training Institutes to be set-up across the country, Rs.1,700 crore provided in the Budget 2016-17 Government to pay EPS contribution of 8.33% for all new employees for first three years of employment; Rs 1,000 crore earmarked in the Budget 100 Model Career Centres to be made operational by end of 2016-17 State… Read More »

Simplification and Rationalization of Taxation While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that the Government has already accepted many recommendations of Tax Administration Reform Committee. He further proposed to accept a number of recommendations of Justice Easwar Committee in Budget 2016-17. In order to… Read More »

Increase of 15.3 percent in the Plan Expenditure over the current Financial Year The total expenditure in the General Budget for 2016-17 has been projected at Rs.19.78 lakh crore, consisting of Rs.5.50 lakh crore under Plan and Rs.14.28 lakh crore under Non-Plan. The increase in Plan expenditure is in the order of 15.3% over current… Read More »

A New Health Protection Scheme to provide health cover up to Rs.1 lakh per family announced National Dialysis Services Programme to be launched 3000 Stores to be opened under Prime Minister’s Jan Aushadhi Yojana during 2016-17 The Minister for Finance and Corporate Affairs and Information and Broadcasitng, Shri Arun Jaitley has announced a New Health… Read More »

Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case… Read More »

Certain Tax Reliefs announced for small tax payers and others. While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley said that the taxation is a major tool available to Government for removing poverty and inequality and this has to be cautiously exercised. But, he would like… Read More »

Union Finance Minister Shri Arun Jaitley spoke on the Key Reform Measures in his Budget speech 2016-17 1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017. 2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912… Read More »

Government will provide calibrated marketing freedom to incentivise Oil & Gas production Comprehensive plan to augment investment in Nuclear Power generation Presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Oil & Gas discovery and exploration of Gas in difficult areas will be incentivized by giving… Read More »

Together with the Capital Expenditure of the Railways, the Total Outlay on Roads and Railways Proposed at Rs 2,18,000 Crore in 2016-17 Total Outlay for Infrastructure in Budgetary Estimates 2016-17 Stands at Rs. 2,21,246 Crore While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that Infrastructure… Read More »

Measures to boost growth and employment generation 100% deduction of profits for 3 out of 5 years for startups set-up during April 2016 to March 2019 While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that startups generate employment, bring innovation and are expected to be… Read More »

Reforms in FDI Policy in the Areas of Insurance and Pensions, Asset Reconstruction Companies, Stock Exchanges 100% FDI to be Allowed Through FIPB Route in Marketing Food Products Produced and Manufactured in India While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that to promote private… Read More »

Finance Minister announces Rs. 2000 crore in the Budget to give LPG Connection to women member of poor households; Scheme to benefit 1.5 crore households below poverty line in the current year Finance Minister expresses gratitude and appreciation for those households who voluntarily gave up cooking gas subsidy National Scheduled Caste and Scheduled Tribe… Read More »

Promoting a tax-friendly regime through a new ‘ Dispute Resolution Scheme ’ While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the… Read More »

Incentivising domestic value addition to help Make in India While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that customs and excise duty structure plays an important role in incentivizing domestic value addition towards Make in India campaign. He proposed to make suitable changes in customs… Read More »

Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. Shri Jaitley… Read More »

Ek Bharat Shreshtha Bharat Programme to be Launched ‘Ek Bharat Shrestha Bharat’ programme will be launched to link States and Districts in an annual programme that connects people though exchanges in areas of language, trade, culture, travel and tourism. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun… Read More »

Budget 2016-17 presented in Parliament; Major focus on agriculture and farmers’ welfare 28.5 lakh Hectares to be brought under irrigation Rs. 2.87 lakh crore Grant in Aid to Gram Panchayats and Municipalities 100% village electrification by 1st May 2018 A massive mission announced to provide LPG connection to poor households New Health Protection Scheme to… Read More »

Corpus of Rs. 900 crores for Price Stabilisation Fund The Price Stabilisation Fund has been provided with a corpus of Rs.900 crore to supportS market interventions. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that monitoring of prices of essential commodities is a key element… Read More »

Companies Act 2013 to be amended to facilitate Ease of Doing Business A Bill shall be introduced in the current Budget session of the Parliament in order to amend the Companies Act 2013. While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that this will remove… Read More »

Government to Double the Income of Farmers by 2022 Unified Agricultural Marketing E-Platform to be Dedicated to the Nation on 14th April this Year The Union Finance Minister, Shri Arun Jaitley while presenting the General Budget today said that his Government intends to go beyond Food Security and give back a sense of income security… Read More »

Measures for promoting affordable housing While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley proposed to give 100% deduction for profits to an undertaking from a housing project for flats upto 30 sq. metres in four metro cities and 60 sq. metres in other cities, approved during… Read More »

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